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Studies show most Americans have too much debt and not enough savings. While updated 2020 data from the Federal Reserve Economic Well-Being of U.S. Households report indicates 70 percent of adults would be able to pay an unexpected $400 expense, many Americans continue to face financial hardships in the wake of the global coronavirus pandemic.
As relationship-based lenders, the nation’s community banks have made it a priority to help their communities invest in their financial future by paying down debt and filling their savings coffers to achieve their short- and long-term financial goals.
Savings doesn’t have to be a chore or a burden. With a few simple steps you can start stockpiling a nest egg that will carry you through life’s unexpected twists and turns.
Access, safety and earning potential are all important factors to consider when choose where to place your savings. Community banks use the latest technology, offering the freedom to access your money when and how you want.
In addition, community banks offer competitively priced products and services to help put your money to work for you. And because they are locally owned and operated, your money is reinvested back into where you live and work; creating communities of prosperity.
Now more than ever, it’s important to develop good habits to create a financial cushion by making saving a part of your everyday life. Your local community bank can be a resource to help guide you on your financial journey. To find a community bank near you visit banklocally.org.